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JSW Steel jumps after brokerage upgrade
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 36.49 points, or 0.12% to 31,234.79.

On the BSE, 6.13 lakh shares were traded in the counter so far, compared with average daily volumes of 8.97 lakh shares in the past one quarter. The stock had hit a high of Rs 202.25 and a low of Rs 198.80 so far during the day. The stock hit a record high of Rs 209.35 on 17 May 2017. The stock hit a 52-week low of Rs 133.20 on 24 June 2016.

The stock had underperformed the market over the past one month till 7 June 2017, rising 1.43% compared with 4.47% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 10.50% as against Sensexs 8.10% rise. The scrip had also outperformed the market in past one year, rising 39.97% as against Sensexs 15.73% rise.

The large-cap company has equity capital of Rs 241.72 crore. Face value per share is Re 1.

JSW Steel reportedly received a rating and target price upgrade from a foreign brokerage firm based on better outlook for the company going forward. The brokerage upgraded the stock from outperform to buy with a target of Rs 300 from Rs 185 earlier.

The broker reportedly said that JSW Steel will be a big beneficiary of improving pricing and demand-supply outlook in the steel industry for the coming years. The broker added that the anti-dumping duties on HRC (hot rolled coil) and CRC (cold rolled coils) steel getting extended until August 2021 is a signal of continuation of import protection for the industry.

On a consolidated basis, net profit of JSW Steel rose 235.42% to Rs 1008.58 crore on 57.06% rise in net sales to Rs 16287.30 crore in Q4 March 2017 over Q4 March 2016.

JSW Steel is the leading integrated steel company in India with an installed steel-making capacity of 18 MTPA.

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HCG gains after launching cancer center in Nagpur
Jun 08,2017

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was down 40.32 points or 0.13% at 31,230.96. The S&P BSE Mid-Cap index was up 33.55 points or 0.22% at 15,459.41.

On BSE, so far 2,725 shares were traded in the counter as against average daily volume of 74,989 shares in the past one quarter. The stock hit a high of Rs 256.95 and a low of Rs 253.50 so far during the day. The stock had hit a record high of Rs 289 on 17 April 2017. The stock had hit a record low of Rs 167 on 24 June 2016.

The small-cap company has equity capital of Rs 85.71 crore. Face value per share is Rs 10.

HCG NCHRI cancer center is a 125 bed dedicated comprehensive cancer hospital established in collaboration with the Nagpur Cancer Hospital and Research Institute (NCHRI), HealthCare Global Enterprises (HCG) said. The new center is based on a multi-disciplinary team, adherence to proven clinical protocols and quality norms and features advanced technology including the TrueBeam STxTM radiotherapy system, PET-CT as well as a Bone Marrow Transplant Unit, the company said.

Dr. B.S. Ajaikumar, Chairman, HCG said that the new cancer centre is dedicated to the people of central India where there is a huge and growing unmet need for high quality cancer care.

On a consolidated basis, HCGs net profit rose 115.73% to Rs 8.09 crore on 17.67% rise in net sales to Rs 182.43 crore in Q4 March 2017 over Q4 March 2016.

HCG is the largest provider of cancer care in India. Through its network of 18 comprehensive cancer centers spread across India, HCG has brought advanced cancer care to the doorstep of millions of people.

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Petronet LNG slips on buzz GDF International offloads stake
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 45.69 points, or 0.15% to 31,225.59.

Volumes were high on the counter. On the BSE, 9.26 crore shares were traded in the counter so far, compared with average daily volumes of 1.28 lakh shares in the past one quarter. The stock had hit a high of Rs 437.40 and a low of Rs 421 so far during the day. The stock hit a record high of Rs 458.80 on 22 May 2017. The stock hit a 52-week low of Rs 269.25 on 13 June 2016.

The stock had underperformed the market over the past one month till 7 June 2017, rising 2.62% compared with 4.47% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.09% as against Sensexs 8.10% rise. The scrip had also outperformed the market in past one year, rising 61.18% as against Sensexs 15.73% rise.

The large-cap company has equity capital of Rs 750 crore. Face value per share is Rs 10.

According to reports, GDF International offloaded its entire 10% stake, comprising 7.50 crore shares, in Petronet LNG in block trades today, 8 June 2017. GDF sold the shares in a price range of Rs 417-440 a share with the deal size of up to $512 million. GDF International distributes and markets liquefied natural gas.

The Indian government owned 50% stake in the company as of 31 March 2017.

Petronet LNG earlier this week reportedly said that it did not expect any impact on gas supplies from Qatar after Saudi Arabia and six other Gulf nations severed ties with the nation, accusing it of supporting terrorism.

Qatar is the worlds largest producer and exporter of LNG. Qatars diplomatic crisis with its Middle Eastern neighbors could force natural gas buyers to seek greater diversification in sourcing amid potential disruptions from UAE ports refusing ships from the country.

Petronet LNGs net profit surged 91.3% to Rs 470.78 crore on 20.9% increase in net sales to Rs 7191.99 crore in Q4 March 2017 over Q4 March 2016.

Petronet LNG was formed as a joint venture by the Government of India to import liquified natural gas (LNG) and set up LNG terminals in the country.

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Amtek Auto advances board to consider issue of preferential shares
Jun 08,2017

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was down 18.87 points, or 0.06% at 31,252.41. The S&P BSE Small-Cap index was up 28.40 points, 0.18% at 15,454.26.

On the BSE, 3.40 lakh shares were traded on the counter so far as against the average daily volumes of 5.76 lakh shares in the past one quarter. The stock had hit a high of Rs 35.75 and a low of Rs 35.15 so far during the day. The stock had hit a 52-week high of Rs 56.20 on 26 July 2016 and hit a 52-week low of Rs 30.60 on 27 February 2016.

The stock had underperformed the market over the past one month till 7 June 2017, declining 9.49% compared with the Sensexs 4.73% rise. The scrip had also underperformed the market over the past one quarter sliding 4.72% as against the Sensexs 7.83% rise. The scrip had also underperformed the market over the past one year advancing 1.33% as against the Sensexs 15.78% rise.

The small-cap company has equity capital of Rs 49.65 crore. Face value per share is Rs 2.

Amtek Auto said that a meeting of the board of directors is scheduled on 10 June 2017, to consider the issue of equity shares of the company on preferential basis subject to the approval of the shareholders of the company.

Amtek auto reported net loss of Rs 241.56 crore in Q3 December 2016, compared with net loss of Rs 175.36 crore in Q1 December 2015. Net sales fell 46.8% to Rs 438.40 crore in Q3 December 2016 over Q1 December 2015.

Amtek Auto is an integrated component manufacturer.

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Amtek Auto advances as board to consider issue of preferential shares
Jun 08,2017

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was down 18.87 points, or 0.06% at 31,252.41. The S&P BSE Small-Cap index was up 28.40 points, 0.18% at 15,454.26.

On the BSE, 3.40 lakh shares were traded on the counter so far as against the average daily volumes of 5.76 lakh shares in the past one quarter. The stock had hit a high of Rs 35.75 and a low of Rs 35.15 so far during the day. The stock had hit a 52-week high of Rs 56.20 on 26 July 2016 and hit a 52-week low of Rs 30.60 on 27 February 2016.

The stock had underperformed the market over the past one month till 7 June 2017, declining 9.49% compared with the Sensexs 4.73% rise. The scrip had also underperformed the market over the past one quarter sliding 4.72% as against the Sensexs 7.83% rise. The scrip had also underperformed the market over the past one year advancing 1.33% as against the Sensexs 15.78% rise.

The small-cap company has equity capital of Rs 49.65 crore. Face value per share is Rs 2.

Amtek Auto said that a meeting of the board of directors is scheduled on 10 June 2017, to consider the issue of equity shares of the company on preferential basis subject to the approval of the shareholders of the company.

Amtek auto reported net loss of Rs 241.56 crore in the quarter ended December 2016, compared with net loss of Rs 175.36 crore in the quarter ended December 2015. Net sales fell 46.8% to Rs 438.40 crore in the quarter ended December 2016 over the quarter ended December 2015.

Amtek Auto is one of the leading integrated auto component manufacturers.

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Biocon sweetens after fixing record date for bonus issue
Jun 08,2017

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was down 21.05 points, or 0.07% to 31,250.23

On the BSE, 19,000 shares were traded in the counter so far, compared with average daily volumes of 79,738 shares in the past one quarter. The stock had hit a high of Rs 1,012.80 and a low of Rs 1,003.55 so far during the day. The stock hit a 52-week high of Rs 1,188 on 25 April 2017. The stock hit a 52-week low of Rs 689 on 19 July 2016.

The large-cap bio-pharmaceutical company has equity capital of Rs 100 crore. Face value per share is Rs 5.

Biocon had declared 2:1 bonus issue (2 bonus shares for every share held) at its board meeting held on 27 April 2017.

On a consolidated basis, net profit of Biocon declined 61.71% to Rs 127.50 crore on 1.53% decline in net sales to Rs 919.20 crore in Q4 March 2017 over Q4 March 2016.

Biocon is Indias largest and fully-integrated, innovation-led biopharmaceutical company.

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Cyient gains on qualifying as supplier to UTC Aerospace
Jun 08,2017

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was up 31.46 points, or 0.10% to 31,302.74.

On the BSE, 9,273 shares were traded in the counter so far, compared with average daily volumes of 27,730 shares in the past one quarter. The stock had hit a high of Rs 549.95 and a low of Rs 531.60 so far during the day. The stock hit a 52-week high of Rs 564.40 on 3 May 2017. The stock hit a 52-week low of Rs 416.05 on 9 November 2016.

The stock had underperformed the market over the past one month till 7 June 2017, falling 1.33% compared with 4.47% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 12.69% as against Sensexs 8.10% rise. The scrip had underperformed the market in past one year, rising 6.09% as against Sensexs 15.73% rise.

The mid-cap company has equity capital of Rs 56.28 crore. Face value per share is Rs 5.

Cyient announced that its subsidiary, Cyient DLM, has been qualified as an approved product supplier to UTC Aerospace Systems. This expands Cyients 15 years relationship with United Technologies Corporation (UTC) as a valued engineering service provider. Cyient and UTC also extended the master terms agreement through 2020, enabling Cyient to provide technical services to UTC company-wide. With the qualification of DLM, the portfolio of offerings to UTC now includes both services and product development.

Carrier International (Mauritius), a subsidiary of UTC, executed a trade yesterday, 7 June 2017, to divest a portion of its equity shareholding in Cyient. UTC first invested in Cyient in 2002 when the company was establishing itself as a global engineering services company. Since that time, Cyient has grown considerably and remains a trusted service provider to UTC with over 1,600 engineers engaged on UTC projects worldwide.

As per the bulk deal data on NSE, Carrier International (Mauritius) sold 16 lakh shares of Cyient at Rs 496.08 per share. As on 31 March 2017, Carrier International (Mauritius) held 1.52 crore shares, or 13.58% equity, in Cyient.

On a consolidated basis, net profit of Cyient rose 15.81% to Rs 78.40 crore on 14.48% rise in net sales to Rs 933.90 crore in Q4 March 2017 over Q4 March 2016.

Cyient provides engineering, manufacturing, geospatial, network and operations management services to global industry leaders.

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DQ Entertainment declines after reverse turnaround in Q4
Jun 07,2017

The result was announced after market hours yesterday, 6 June 2017.

Meanwhile, the S&P BSE Sensex was up 77.46 points, or 0.25% at 31,268.02. The S&P BSE Small-Cap index was up 112.72 points, or 0.74% at 15,423.25.

High volumes were witnessed on the counter. On the BSE, 53,000 shares were traded on the counter so far as against the average daily volume of 22,597 shares in the past one quarter. The stock had hit a high of Rs 18 so far during the day. The stock hit a low of Rs 16.20 so far during the day, which is also its 52-week low. The stock had hit a 52-week high of Rs 29.85 on 1 November 2016.

The stock had underperformed the market over the past one month till 6 June 2017, declining 11.11% compared with the Sensexs 4.46% rise. The scrip had also underperformed the market over the past one quarter sliding 9.55% as against the Sensexs 7.38% rise. The scrip had also underperformed the market over the past one year declining 30.37% as against the Sensexs 16.48% rise.

The small-cap company has equity capital of Rs 79.28 crore. Face value per share is Rs 10.

DQ Entertainment (International)s consolidated total revenue fell 93.49% to Rs 6.29 crore in Q4 March 2017 over Q4 March 2016.

DQ Entertainment (International) is engaged in the business of providing services relating to animation production for television and film production companies.

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Banks rise after RBI policy
Jun 07,2017

The announcement of central banks policy decision was made during market hours today, 6 April 2017.

Meanwhile, the S&P BSE Bankex was up 0.41% to 26,637.24. It outperformed the S&P BSE Sensex, which was up 0.11% to 31,226.04.

The BSE Bankex had underperformed the market over the past one month till 6 June 2017, rising 2.50% compared with 4.23% rise in the Sensex. The index had, however, outperformed the market in past one quarter, rising 12.55% as against Sensexs 7.92% rise. The index had also outperformed the market in past one year, rising 29.18% as against Sensexs 15.48% rise.

Among public sector banks, Punjab & Sind Bank (up 1.67%), United Bank of India (up 1.01%), Central Bank of India (up 1%), Corporation Bank (up 0.9%), Punjab National Bank (up 0.54%), State Bank of India (up 0.52%), Dena Bank (up 0.45%), Bank of Baroda (up 0.29%), Allahabad Bank (up 0.21%), Bank of India (up 0.11%), Indian Bank (up 0.03%), Union Bank of India (up 0.03%) and Canara Bank (up 0.01%), edged higher. IDBI Bank (down 0.08%), Andhra Bank (down 0.26%), Bank of Maharashtra (down 0.5%), Vijaya Bank (down 0.75%) and Syndicate Bank (down 1.53%), edged lower.

Among private sector banks, City Union Bank (up 1.65%), ICICI Bank (up 1.43%), Federal Bank (up 0.53%), IndusInd Bank (up 0.23%), RBL Bank (up 0.10%), Kotak Mahindra Bank (up 0.09%) and Axis Bank (up 0.03%), edged higher. HDFC Bank (down 0.15%) and Yes Bank (down 1.05%), edged lower.

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, 7 June 2017, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%. Consequently, the reverse repo rate under the LAF remains at 6%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.50%.

The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth, RBI said in a statement.

The next meeting of the MPC is scheduled on 1 and 2 August 2017.

Meanwhile, in a separate statement, the RBI said that as per the existing roadmap, commercial banks have to reach the minimum Liquidity Coverage Ratio (LCR) of 100% on 1 January 2019. Government securities held by banks in excess of the minimum SLR requirement, Facility to Avail Liquidity for Liquidity Coverage Ratio (FALLCR) and Marginal Standing Facility (MSF) are included in the stock of High Quality Liquid Assets (HQLAs).

In order to give greater flexibility to banks to comply with the LCR requirement in an efficient manner, the RBI has decided to reduce the SLR from 20.5% of Net Demand and Time Liabilities (NDTL) to 20% of NDTL with effect from the fortnight beginning 24 June 2017. The other prescriptions in respect of FALLCR and MSF carve out from SLR for LCR purposes remain unchanged, RBI said.

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IT stocks witness selling pressure
Jun 07,2017

Hexaware Technologies (down 6%), TCS (down 4.17%), Infosys (down 3.28%), Tech Mahindra (down 3.23%), MindTree (down 3.21%), Wipro (down 3.06%), HCL Technologies (down 1.28%), MphasiS (down 1.22%) and Oracle Financial Services Software (down 0.01%), edged lower. Persistent Systems was up 1.91%.

The S&P BSE IT index was down 2.82% at 10,226.11. It underperformed the Sensex, which was down 0.01% at 31,188.92.

The S&P BSE IT index had outperformed the market over the past one month till 6 June 2017, rising 6.53% compared with 4.23% rise in the Sensex. The index had, however, underperformed the market in past one quarter, rising 1.12% as against Sensexs 7.92% rise. The index had also underperformed the market in past one year, falling 9.65% as against Sensexs 15.48% rise.

Infosys chief operating officer Pravin Rao was quoted by the media as saying that clients are likely to slash their IT spend sharply. He said that clients are looking at cutting costs, something that would dent revenues for Indias $150-billion IT industry.

As more deals come up for renewal, clients are asking for 20-30% cost take-out, explained Rao. Even if a company has been successful in execution, clients are asking for a reduction in costs by 20-30% for the same projects due to commoditisation, he reportedly said.

Meanwhile, IT majors like Wipro, Infosys, Cognizant and Tech Mahindra have reportedly initiated annual performance reviews, a process that weeds out bottom performers or non-performers. This has compounded fears that thousands of employees in the sector could be shown the door over the next few weeks, reports added.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 64.41, compared with its close of 64.4275 during the previous trading session.

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Tata Elxsi corrects on profit booking
Jun 07,2017

Meanwhile, the S&P BSE Sensex was up 19.91 points, or 0.06% to 31,210.47.

On the BSE, 1.30 lakh shares were traded in the counter so far, compared with average daily volumes of 54,250 shares in the past one quarter. The stock had hit a high of Rs 1,562.20 and a low of Rs 1,481 so far during the day. The stock hit a 52-week high of Rs 1,827 on 9 June 2016. The stock hit a 52-week low of Rs 1,021.65 on 21 November 2016.

The stock had underperformed the market over the past one month till 6 June 2017, rising 0.72% compared with 4.23% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 6.53% as against Sensexs 7.92% rise. The scrip had also underperformed the market in past one year, falling 14.64% as against Sensexs 15.48% rise.

The mid-cap company has equity capital of Rs 31.14 crore. Face value per share is Rs 10.

Shares of Tata Elxsi rose 13.41% in two trading sessions to settle at Rs 1,540.50 yesterday, 6 June 2017, from its close of Rs 1,358.40 on 2 June 2017.

Recent gain in the stock price was triggered by the companys driverless car platform being selected by leading original equipment manufacturer. Tata Elxsi announced the licensing of its advanced autonomous vehicle middleware platform AUTONOMAI to one of the worlds top 5 automotive OEMs (original equipment manufacturers) for their driverless car R&D (research and development).

The Autonomai platform provides carmakers and Tier 1 automotive suppliers with a comprehensive and modular solution covering perception, GNC (guidance navigation control) and drive-by-wire systems, to quickly build, test and deploy autonomous vehicles.

This solution supports sensor fusion with a variety of sensors from cameras to radar and lidar, and leverages sophisticated artificial intelligence (AI) and deep learning based algorithms to deliver the complex use-case scenarios expected of driverless cars.

Autonomai also allows rapid region specific adaptation through its pre-integrated validation datasets and AI & deep learning capabilities.

Net profit of Tata Elxsi rose 8.3% to Rs 44.50 crore on 10.92% rise in net sales to Rs 326.05 crore in Q4 March 2017 over Q4 March 2016.

Tata Elxsi is a global design and technology services company, headquartered in Bangalore.

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Volumes jump at NG Industries counter
Jun 07,2017

NG Industries clocked volume of 7.81 lakh shares by 13:55 IST on BSE, a 1904.27-times surge over two-week average daily volume of 410 shares. The stock rose 4.35% to Rs 84.

Asian Hotels (West) notched up volume of 5.08 lakh shares, a 1218.13-fold surge over two-week average daily volume of 417 shares. The stock fell 2.01% to Rs 180.

Persistent Systems saw volume of 8.55 lakh shares, a 67.37-fold surge over two-week average daily volume of 13,000 shares. The stock rose 2.37% to Rs 633.90.

Colgate Palmolive (India) clocked volume of 3.56 lakh shares, a 17.85-fold surge over two-week average daily volume of 20,000 shares. The stock rose 3.05% to Rs 1,057.75.

Venkys (India) saw volume of 95,000 shares, a 16.06-fold rise over two-week average daily volume of 6,000 shares. The stock jumped 13.51% to Rs 1,420.

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IIFL Holdings leads gainers on BSEs A group
Jun 07,2017

IIFL Holdings rose 9.53% at Rs 603.05. The stock topped the gainers in A group. On the BSE, 2.27 lakh shares were traded on the counter so far as against the average daily volumes of 20,000 shares in the past two weeks.

Cadila Healthcare rose 8.10% at Rs 530.10. The stock was the second biggest gainer in A group. On the BSE, 9.53 lakh shares were traded on the counter so far as against the average daily volumes of 1.97 lakh shares in the past two weeks.

Edelweiss Financial Services rose 5.99% at Rs 196.40. The stock was the third biggest gainer in A group. On the BSE, 7.35 lakh shares were traded on the counter so far as against the average daily volumes of 2 lakh shares in the past two weeks.

Shriram City Union Finance rose 4.98% at Rs 2,449.70. The stock was the fourth biggest gainer in A group. On the BSE, 1,964 shares were traded on the counter so far as against the average daily volumes of 1,982 shares in the past two weeks.

Info Edge (India) rose 4.25% at Rs 1,100. The stock was the fifth biggest gainer in A group. On the BSE, 57,000 shares were traded on the counter so far as against the average daily volumes of 27,000 shares in the past two weeks.

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RCom slips after new rating downgrades
Jun 07,2017

Meanwhile, the S&P BSE Sensex was up 47.45 points, or 0.15% to 31,238.01.

On the BSE, 34.81 lakh shares were traded in the counter so far, compared with average daily volumes of 38.37 lakh shares in the past one quarter. The stock had hit a high of Rs 19.75 and a low of Rs 19.25 so far during the day. The stock hit a 52-week high of Rs 55.40 on 31 April 2016. The stock hit a record low of Rs 18.15 on 31 May 2017.

The stock had underperformed the market over the past one month till 6 June 2017, falling 38.06% compared with 4.23% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 41.82% as against Sensexs 7.92% rise. The scrip had also underperformed the market in past one year, falling 58.47% as against Sensexs 15.48% rise.

The mid-cap company has equity capital of Rs 1244.49 crore. Face value per share is Rs 5.

Ratings agencies Moodys and Fitch yesterday, 6 June 2017, cut Reliance Communications (RCom) rating for the second time in a week, even as the telco received a seven-month respite from bankers on debt repayment.

Moodys Investors Service cut its rating on RCom to Ca from Caa1. The new rating suggests that the debt is highly speculative and likely in, or very near, default, with some prospect of recovery of principal and interest. It had downgraded RCom to Caa1, indicating high risk, on 30 May 2017.

Fitch Ratings lowered RComs rating to RD from CCC, saying the situation constituted restricted default, as multiple waivers or forbearance periods have been extended in parallel following a non-payment event. Fitch last cut RComs rating on 2 June 2017.

RCom announced that the reason given for revision in rating is the companys announcement dated 2 June 2017 that its bank lenders are prepared to waive debt service obligations until end of 2017 to provide time for the company to lower its debt through two proposed transactions and present a plan demonstrating how the debt can be serviced over the long term.

RCom stated that post signing of binding documents for the Aircel and Brookfield transactions, the company has formally advised all its lenders that it will be making repayment of an aggregate amount of Rs 25000 crore from the proceeds of these two transactions, on or before 30 September 2017. The said amount will cover not only all scheduled repayments, but also include substantial pre-payments to all lenders on a pro-rata basis.

Based on the large number of approvals already received for the two transactions and continuing good progress for the balance, the company expects to meet its all debt repayment obligations in line with these plans, and substantially reduce its overall debt.

RCom announced after market hours on Friday, 2 June 2017, that it has been engaged in discussions with its lenders to finalise an overall debt resolution plan, with the objective of expeditiously closing the already announced strategic transactions with Aircel and Brookfield, to immediately reduce debt from Rs 45000 crore to approximately Rs 20000 crore; a reduction of 60% or Rs 25000 crore. RCom said it aims to develop a sustainable long term plan for servicing the companys remaining debt. Based on applicable guidelines, RComs lenders have constituted a Joint Lenders Forum (JLF) to consider and approve the companys plans in this regard.

The lenders have taken note of the advanced stage of implementation of RComs strategic transformation programme involving the transactions for the Wireless and Towers Business. The lenders have proposed to give time of seven months till December 2017 to complete the above transactions, and reduce its debt by a substantial amount of Rs 25000 crore, or 60%. RCom will also present to the lenders its sustainable long term plans for servicing the remaining debt of Rs 20000 crore. As part of the above, there will be a standstill on the companys debt servicing obligations for the next seven months till end December 2017.

In the event the transactions are not completed in the above timeframe, the Lenders may exercise their right to convert their debt, in accordance with applicable SDR guidelines. The above is subject to lenders formal approvals and all other approvals as may be necessary under law.

On a consolidated basis, Reliance Communications reported net loss of Rs 948 crore in Q4 March 2017 as against net profit of Rs 79 crore in Q4 March 2016. Net sales declined 24.11% to Rs 4312 crore in Q4 March 2017 over Q4 March 2016.

RCom is an integrated telecommunications service provider.

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Hexaware Technologies declines on profit booking
Jun 07,2017

Meanwhile, the S&P BSE Sensex was up 54.34 points, or 0.17% at 31,244.90. The S&P BSE Mid-Cap index was up 74.25 points, or 0.5% at 14,806.64.

On the BSE, 1.75 lakh shares were traded on the counter so far as against the average daily volume of 1.05 lakh shares in the past one quarter. The stock had hit a high of Rs 261.25 and a low of Rs 247 so far during the day. The stock had hit a 52-week high of Rs 267.50 on 6 June 2017 and hit a 52-week low of Rs 178.10 on 17 October 2016.

The stock had outperformed the market over the past one month till 6 June 2017, advancing 8.34% compared with the Sensexs 4.46% rise. The scrip had also outperformed the market over the past one quarter gaining 18.12% as against the Sensexs 7.38% rise. The scrip had also outperformed the market over the past one year advancing 20.09% as against the Sensexs 16.48% rise.

The mid-cap company has equity capital of Rs 60.47 crore. Face value per share is Rs 2.

Hexaware Technologies had rallied 10.12% in the preceding four trading sessions to settle at Rs 258.50 yesterday, 6 June 2017, from its closing of Rs 234.75 on 31 May 2017.

Hexaware Technologies consolidated net profit fell 6.26% to Rs 113.88 crore on 2.09% increase in net sales to Rs 960.53 crore in Q1 March 2017 over Q4 December 2016.

Hexaware Technologies provides IT outsourcing services. The company focuses on banking and financial Services, healthcare and insurance, travel and transportation and manufacturing & consumer verticals in the IT outsourcing services business.

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